Masdar has achieved financial closure on the 476 MW Baltic Eagle wind farm, located in the Baltic Sea off the coast of Germany. Masdar holds a 49% stake in the project, with Iberdrola holding the remaining 51%. The Baltic Eagle wind farm is valued at approximately USD 1.6 billion. The Baltic Eagle wind farm is being built approximately 28 km off the northeast coast of the German island of Rügen, in Mecklenburg-West Pomerania.

Following a strategic agreement signed in July 2023, Masdar and Iberdrola have further solidified their partnership. At COP28, they announced a USD 16 billion (EUR 15 billion) strategic partnership agreement to jointly develop offshore wind and green hydrogen projects in key markets, including Germany, the UK, and the US.

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Scheduled to commence operations by the end of 2024, the wind farm has a minimum regulated tariff of EUR 64.6/MWh for the first 20 years, with 100 percent of its production already contracted via long-term agreements.

This marks Masdar’s largest-ever euro-denominated financing and its inaugural project with Iberdrola, as well as its debut venture in Germany. The total lending package amounted to EUR 488 million (USD 531 million), with ABN AMRO, Credit Agricole CIB, ING, Santander, and Siemens Bank participation. Santander also served as a financial advisor on the deal.

Masdar remains committed to advancing offshore wind projects globally, aiming for a renewable energy portfolio capacity of 100 GW by 2030. This goal aligns with the UAE Consensus to triple global renewable capacity by the end of the decade.

Baltic Eagle Offshore Wind Project

The Baltic Eagle Offshore Wind Project is a joint venture between Iberdrola and Masdar, marking a significant milestone in the renewable energy sector. This project involves the construction of a 476 MW offshore wind farm located near Rügen Island in the Baltic Sea.

Project Overview

The Baltic Eagle wind farm is being built approximately 28 km off the northeast coast of the German island of Rügen, in Mecklenburg-West Pomerania. Covering an area of 40 square kilometers, it is the second offshore wind initiative for Iberdrola in Germany. The wind farm will generate enough renewable energy to meet the needs of over 475,000 homes while preventing the release of nearly one million metric tons of CO2 each year.

The primary objective of the Baltic Eagle project is to contribute to environmental sustainability by generating renewable energy. This will significantly reduce reliance on fossil fuels and prevent the release of nearly one million metric tons of CO2 yearly.

Technical Specifications

The Baltic Eagle wind farm will consist of 50 wind turbines with 9.53 MW of unit power on monopiles, for an annual production of 1.9 TWh. The electricity generated will be transmitted at a voltage of 220 kV from the offshore transformer platform in cooperation with the transmission system operator 50Hertz via two 90-kilometer-long high-voltage submarine cables to the Lubmin landfall point. At the Lubmin grid connection point on the coast of Mecklenburg-Vorpommern, the renewable electricity will be fed into the power grid.

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